It was the ultimatum...that wasn’t.

Donald Trump has backed down from his 48-hour deadline for Iran to open the Strait of Hormuz, claiming that a deal is in progress.

But questions remain, including how the energy market tumult is affecting China, which takes in the lion’s share of Iran’s oil exports. 

So is the United States using the ongoing conflict as leverage against China?

Or has China’s investment in electrification set it up to weather just this sort of storm?

Carrington Clarke and ABC Chief Business Correspondent Ian Verrender break it all down on ABC Business Daily.

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